LORILLARD, INC (LO, Financial) filed Quarterly Report for the period ended 2010-09-30.
Lorillard, Inc has a market cap of $12.97 billion; its shares were traded at around $86.57 with a P/E ratio of 13.8 and P/S ratio of 2.5. The dividend yield of Lorillard, Inc stocks is 5.3%.LO is in the portfolios of David Williams of Columbia Value and Restructuring Fund, Jim Simons of Renaissance Technologies LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, Chase Coleman of TIGER GLOBAL MANAGEMENT LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Eric Mindich of Eton Park Capital Management, L.P., HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Eric Mindich of Eton Park Capital Management, L.P., Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, James Barrow of Barrow, Hanley, Mewhinney & Strauss, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc.
Cost of sales. Cost of sales increased by $70 million, or 7.5%, from $931 million for the three months ended September 30, 2009 to $1.001 billion for the three months ended September 30, 2010. The increase in cost of sales is primarily due to higher sales volume ($35 million), higher expenses related to the State Settlement Agreements ($30 million) and higher Food and Drug Administration fees ($5 million). We recorded pre-tax charges for our obligations under the State Settlement Agreements of $324 million and $294 million for the three months ended September 30, 2010 and 2009, respectively, an increase of $30 million. The $30 million increase is due to the impact of higher unit sales ($15 million), the inflation adjustment ($9 million), and higher other expenses ($6 million).
Net sales. Net sales increased by $591 million, or 15.3%, from $3.855 billion for the nine months ended September 30, 2009 to $4.446 billion for the nine months ended September 30, 2010. Net sales increased $287 million due to the increase in federal excise taxes effective April 1, 2009, $215 million due to higher unit sales volume, $52 million due to higher average unit prices reflecting price increases in February and March 2009 and February and May 2010 and by $37 million of lower sales promotion costs accounted for as a reduction of sales. Federal excise taxes are included in net sales and increased $30.83 per thousand cigarettes, or $0.62 per pack of 20 cigarettes, to $50.33 per thousand cigarettes, or $1.01 per pack of 20 cigarettes, effective April 1, 2009.
Cost of sales. Cost of sales increased by $431 million, or 17.7%, from $2.430 billion for the nine months ended September 30, 2009 to $2.861 billion for the nine months ended September 30, 2010. The increase in cost of sales is primarily due to the increase in federal excise taxes ($287 million), higher unit sales volume ($55 million), higher expenses related to the State Settlement Agreements ($63 million) and the Federal Assessment for Tobacco Growers ($7 million), and higher Food and Drug Administration fees ($19 million). We recorded pre-tax charges for our obligations under the State Settlement Agreements of $911 million and $848 million for the nine months ended September 30, 2010 and 2009, respectively, an increase of $63 million. The $63 million increase is due to higher unit sales ($44 million), the impact of the inflation adjustment ($24 million), partially offset by other adjustments ($5 million).
Cash flow from investing activities. Our cash flow from investing activities used cash of $39 million for the nine months ended September 30, 2009 compared to $28 million for the nine months ended September 30, 2010 for capital expenditures. The expenditures were primarily used for the modernization of manufacturing equipment. Our capital expenditures for the year ending December 31, 2010 are forecast to be between $45 million and $55 million.
Cash flow from financing activities. Our cash flow from operations has exceeded our working capital and capital expenditure requirements during the first nine months of 2010. We paid cash dividends to our shareholders of $155 million on March 12, 2009 and June 12, 2009, $163 million on September 11, 2009, $155 million on March 11, 2010, $152 million on June 11, 2010 and $171 on September 10, 2010. During the nine months ended September 30, 2009 and 2010, we have repurchased shares totaling $502 million and $431 million, respectively, and we have received proceeds from the issuance of long-term debt totaling $750 million and $1 billion, respectively.
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Lorillard, Inc has a market cap of $12.97 billion; its shares were traded at around $86.57 with a P/E ratio of 13.8 and P/S ratio of 2.5. The dividend yield of Lorillard, Inc stocks is 5.3%.LO is in the portfolios of David Williams of Columbia Value and Restructuring Fund, Jim Simons of Renaissance Technologies LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, Chase Coleman of TIGER GLOBAL MANAGEMENT LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Eric Mindich of Eton Park Capital Management, L.P., HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Eric Mindich of Eton Park Capital Management, L.P., Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, James Barrow of Barrow, Hanley, Mewhinney & Strauss, David Dreman of Dreman Value Management, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
Net sales. Net sales increased by $148 million, or 10.4%, from $1.419 billion for the three months ended September 30, 2009 to $1.567 billion for the three months ended September 30, 2010. Net sales increased $101 million due to higher unit sales volume, $21 million due to higher average unit prices reflecting price increases in February and May 2010, and $26 million of lower sales promotion costs accounted for as a reduction of sales. Federal excise taxes are included in net sales and increased $30.83 per thousand cigarettes, or $0.62 per pack of 20 cigarettes, to $50.33 per thousand cigarettes, or $1.01 per pack of 20 cigarettes, effective April 1, 2009.Cost of sales. Cost of sales increased by $70 million, or 7.5%, from $931 million for the three months ended September 30, 2009 to $1.001 billion for the three months ended September 30, 2010. The increase in cost of sales is primarily due to higher sales volume ($35 million), higher expenses related to the State Settlement Agreements ($30 million) and higher Food and Drug Administration fees ($5 million). We recorded pre-tax charges for our obligations under the State Settlement Agreements of $324 million and $294 million for the three months ended September 30, 2010 and 2009, respectively, an increase of $30 million. The $30 million increase is due to the impact of higher unit sales ($15 million), the inflation adjustment ($9 million), and higher other expenses ($6 million).
Net sales. Net sales increased by $591 million, or 15.3%, from $3.855 billion for the nine months ended September 30, 2009 to $4.446 billion for the nine months ended September 30, 2010. Net sales increased $287 million due to the increase in federal excise taxes effective April 1, 2009, $215 million due to higher unit sales volume, $52 million due to higher average unit prices reflecting price increases in February and March 2009 and February and May 2010 and by $37 million of lower sales promotion costs accounted for as a reduction of sales. Federal excise taxes are included in net sales and increased $30.83 per thousand cigarettes, or $0.62 per pack of 20 cigarettes, to $50.33 per thousand cigarettes, or $1.01 per pack of 20 cigarettes, effective April 1, 2009.
Cost of sales. Cost of sales increased by $431 million, or 17.7%, from $2.430 billion for the nine months ended September 30, 2009 to $2.861 billion for the nine months ended September 30, 2010. The increase in cost of sales is primarily due to the increase in federal excise taxes ($287 million), higher unit sales volume ($55 million), higher expenses related to the State Settlement Agreements ($63 million) and the Federal Assessment for Tobacco Growers ($7 million), and higher Food and Drug Administration fees ($19 million). We recorded pre-tax charges for our obligations under the State Settlement Agreements of $911 million and $848 million for the nine months ended September 30, 2010 and 2009, respectively, an increase of $63 million. The $63 million increase is due to higher unit sales ($44 million), the impact of the inflation adjustment ($24 million), partially offset by other adjustments ($5 million).
Cash flow from investing activities. Our cash flow from investing activities used cash of $39 million for the nine months ended September 30, 2009 compared to $28 million for the nine months ended September 30, 2010 for capital expenditures. The expenditures were primarily used for the modernization of manufacturing equipment. Our capital expenditures for the year ending December 31, 2010 are forecast to be between $45 million and $55 million.
Cash flow from financing activities. Our cash flow from operations has exceeded our working capital and capital expenditure requirements during the first nine months of 2010. We paid cash dividends to our shareholders of $155 million on March 12, 2009 and June 12, 2009, $163 million on September 11, 2009, $155 million on March 11, 2010, $152 million on June 11, 2010 and $171 on September 10, 2010. During the nine months ended September 30, 2009 and 2010, we have repurchased shares totaling $502 million and $431 million, respectively, and we have received proceeds from the issuance of long-term debt totaling $750 million and $1 billion, respectively.
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